When filing for divorce in Florida, all marital property will be subject to equitable distribution. This most commonly includes any shared property, monetary funds, possessions and debts that were acquired over the course of the marriage. What most people don't realize, however, is that one or both of the parties' retirement benefits can also be included in the marital property—including, but not limited to, 401K's, 403B's, IRA's, Roth IRA's, pensions and profit sharing plans.
In most cases, the portion of retirement benefits that was earned during the marriage will be the only portion included; any benefits that were earned prior to the marriage may be excluded as a non-marital asset. If the non-martial portion of one party's retirement benefits has appreciated over the course of the marriage, however, this could also be included as martial property.
Can each party choose to keep their own retirement benefits?
In some cases, it may be easier for each party to simply keep the retirement benefits that they, themselves have earned over the course of the marriage—if they are of similar type and value. In other cases, however, only one party has contributed these benefits to the marital property.
Under these circumstances, the other spouse would have one of two options: request an equitable share of their spouse's retirement benefits or waive their right to these benefits in exchange for other assets of similar value. The specific nature of each couple's divorce will be different, so it is highly recommended that you discuss your options with the lawyer from Charles E. Willmott, P.A. when you are negotiating an equitable distribution of assets with your former spouse—even if you have decided to partake in a collaborative, or uncontested, divorce.
Contact Charles E. Willmott, P.A. today!
If you have made the decision to legally end your marriage, it is imperative that you retain competent legal counsel. Negotiating a fair and equitable distribution of property can be difficult without an attorney by your side, so the legal team at Charles E. Willmott, P.A. encourages you to find out how I can help.
Whether you have questions about what does and doesn't qualify as marital property or you are wondering how to initiate a flat-fee divorce, my firm has the answers that you are looking for. My firm's board-certified divorce expert can walk you through the complexities involved in your case and ensure that all of your legal needs are addressed with swift and diligent attention.
Dedicated To Client Satisfaction
"Charles Willmott is a dedicated professional who will speak the truth. Mr. Willmott is straightforward with his clients and is willing to listen. He can take what at times can be very messy situations and come up with a clear plan of action."
"I was a mess the first day I met with him; he immediately put my mind at ease and explained the different outcomes my divorce may have had. He's extremely knowledgeable, upfront, and honest."
"I have been a client of Charles for almost nine years, and he has never let me down. He always told me what to expect and has been right every time."
Certified Family Law Mediator
Board Certified in Marital & Family Law
Nearly 30 Years of Experience in Family Law
Personalized Attention for Individual Needs
Fill out the form below or feel free to call us at (904) 849-5183. We also offer remote video & Zoom conferences.